UB Engineering files liquidation plea after creditors reject recast plan

Plan was to clear dues of Rs 55 cr, pump in Rs 35 cr to run the company

Vijay Mallya-led UB Engineering has filed a petition for liquidation after a committee of creditors rejected its resolution plan. The plan, proposed by an independent director, was to clear dues worth Rs 55 crore and pump in Rs 35 crore to run the company, sources said. 

UB Engineering did not respond to Business Standard’s e-mail on the subject till the time of going to press. 

The liquidation value of the company is estimated at around Rs 106 crore. Before proposing liquidation, the company had applied for a three-month extension for presenting the resolution plan. It was one of the earliest